Armani Milano saw Panathinaikos come back from a double-digit deficit, but stood tall and snapped a five-game losing streak (83-86).
The Italians took control in the second and the third quarter (23-33, 40-47, 56-64), but the “Greens” fought back and turned things around (70-73, 83-84).
Nemanja Nedovic made both free throws, with 0.6 seconds remaining, and sealed the deal for the visitors.
Arturas Gudaitis led the winners with 20 points and eight rebounds, as four more players scored in double figures.
Nick Calathes had a game-high 24 points and 11 assists for the losing squad. Nikos Pappas and James Gist posted 13 and 12 points, respectively.
Armani Milano improved to 7-7, whereas Panathinaikos dropped to 6-8.